Benefits of Home Information Packs
In theory, HIP packs will lower the risk of failed transactions, saving
the estimated £1 million lost per day. Most of the items included
in a HIP already have to be provided, but costs for the pack are estimated
to be between £600-£700. Something called a Home Condition
Report is an integral part, and this will need to be conducted by a qualified
Home Inspector who is regulated by an approved certification scheme.
First-time buyers should find the revised process more affordable, because
they automatically receive information about the house without having
to pay for it. Although problems could arise from cash-strapped sellers,
apparently many organisations will offer a buy now – pay later version
of the HIP. The seller therefore pays for the pack only after the house
is sold or after a set period, whichever falls earlier. Furthermore, some
estate agents will offer free packs as part of their usual agency fees.
Home Condition Reports will not include surveys. A HIP pack is not a valuation
assessment, and operates independently, but it will be still contain useful
valuation information. A Home Condition Report will provide details of
the condition of a property and how efficient it is on energy. This information
can then be passed to lenders who can use it for valuation purposes. A
Home Condition Report will contain more information than a standard lender
valuation survey.
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